Before we begin this morning, please note that some of the information discussed during today's call will consist of forward-looking statements setting forth our current expectations

before we begin this morning please note that some of the information discussed during today's call will consist of forward-looking statements setting forth our current expectations


Following the IPO and the resulting reduction in our leverage, we took the opportunity to refinance our credit facility to reduce the interest rate payable,

following the ipo and the resulting reduction in our leverage we took the opportunity to refinance our credit facility to reduce the interest rate payable


So again, our emphasis is to recover our margins fully. But to Michael's point, we got to make sure we're demonstrating to our customers the value we bring.

so again our emphasis is to recover our margins fully but to michael's point we got to make sure we're demonstrating to our customers the value we bring


The revenues benefited from the IPO of Red Rock Resorts. We also got approval from the Port Authority for the sale of the Maher Terminal during the quarter.

the revenues benefited from the ipo of red rock resorts we also got approval from the port authority for the sale of the mahat terminal during the quarter


I will mention that this year's second quarter had one fewer business days due to how the Easter holiday fell into the second quarter this year,

i will mention that this year's second quarter had one fewer business days due to how the easter holiday fell into the second quarter this year


We received the quality improvement award from Airbus for our Commerce, California plant, which highlights the great progress we have made over the past year.

we received a quality improvement award from airbus for our commerce california plant which highlights the great progress we have made over the past year


be shipped, convert to AR and then from AR to cash. So getting that through both stages by year end is the question and that depends on

v shipped convert to ar and then from ar to cash so getting that through both stages by year-end is the question and that depends on


But again, the rate adjustments often are because they're taking a bigger footprint or they're not only renewing that lease, but

but again the rate adjustments often are because they're taking a bigger footprint or they're not only renewing that lease but


maybe pairing it back and bolstering the balance sheet. And then secondly, along the same line of questioning, can you provide an update on the extent to which

maybe pairing it back and bolstering the balance sheet and then secondly along the same line of questioning can you provide an update on the extent to which


I think the biggest problem in-basin right now is not whether or not you can create supply of sand off of rail,

i think the biggest problem in basin right now is not whether or not you can create supply of sand off of rail


It has been particularly encouraging the level of engagement and support from the respective ministries and Petrosen, the national oil company,

it has been particularly encouraging the level of engagement and support from the respective ministries and petrosen the national oil company


The opening of these new locations was offset by the announced closing of 3 of our legacy financial centers, as we continue to optimize our financial center footprint

the opening of these new locations was offset by the announced closing of 3 of our legacy financial centers as we continue to optimize our financial center footprint


And despite that, we've stuck with it because we saw that we could underwrite loans successfully in that space and knew that if we could

and despite that we've stuck with it because we saw that we could underwrite loans successfully in that space and knew that if we


The replacement channel reflects the majority of our business, and the majority of it is into industrial applications and end markets.

the replacement channel reflects the majority of our business and the majority of it is into industrial applications and end markets


It's administered once daily, and it travels from the mouth to the stomach, then into the blood, up to the hypothalamus in the brain, where it stimulates eating behavior.

it's administered once daily and it travels from the mouth to the stomach then into the blood up to the hypothalamus in the brain where it stimulates eating behavior


have used a product developed by Aratana. So I want to thank my colleagues at Aratana, our collaborators and our investors for having facilitated this transformation.

have used a product developed by aratana so i want to thank my colleagues at aratana our collaborators and our investors for having facilitated this transformation


Investment results were strong across all 3 operating segments, and life and mortality was modestly favorable to actuarial models.

investment results were strong across all 3 operating segments and life and mortality was modestly favorable to actuarial models


They came in on January the 15th and so you've got some lagging stuff coming through behind that. This quarter, we had a full quarter on both of those

they came in on january the 15th and so you've got some lagging stuff coming through behind that this quarter we had a full quarter on both of those


Before we begin, I will remind you that certain matters discussed in today's conference call or answers that may be given to questions asked could constitute forward-looking statements

before we begin i will remind you that certain matters discussed in today's conference call or answers that may be given to questions asked could constitute forward-looking statements


Yes. It was funny when you made the comment, as one parent to another, I thought of the difference between nice to have and need to have in that conversation.

yes it was funny when you made the comment as one parent to another i thought of the difference between nice to have and need to have in that conversation


Given the significant unused capacity under our revolving credit facilities after having issued a significant amount of term debt over the past 9 months,

given the significant unused capacity under our revolving credit facility after having issued a significant amount of term debt over the past 9 months


However, the anticipated improvement in sales volumes and revenues are expected to be partly offset by unfavorable currency relationships based on current currency rates.

however the anticipated improvement in sales volumes and revenues are expected to be partly offset by unfavorable currency relationships based on current currency rates


Just a couple of comments pretty quickly with regard to our market and the strategic frame

just a couple of comments pretty quickly with regard to our market and the strategic frame


then the benefit of the expanded product offering or the renewed product offering at Costco,

then the benefit of the expanded product offering or the renewed product offering at costco


that went across the general industrial landscape. And so it is a little bit of an unusual situation right now where you're seeing performance

that went across the general industrial landscape and so it is a little bit of an unusual situation right now where you're seeing performance


The first and second half volume will be more balanced this year than last year. Last year saw weak first half and a hard second half.

the first and second half volume will be more balanced this year than last year last year saw a weak first half and a hot second half


To deliver on these commitments, we continue to focus our energy, capital and resources on executing against our 3 strategic priorities.

to deliver on these commitments we continue to focus our energy capital and resources on executing against our 3 strategic priorities


Got it. Any way to talk about the magnitude of that? Or are these just kind of standard course of business tenders that you win

got it anyway to talk about the magnitude of that or are these just kind of standard course of business tenders that you win


We make reference in that to the baking part of the business as well as pasta. It's a significant contributor to Pioneer Foods and the stature of our business

we make reference in there to the baking part of the business as well as pasta is a significant contributor to pioneer foods and the stature of our business


So sometimes these projects have a little bit of work to do, and that is where Powell shines because of our ability to aid the engineering house of the end user

so sometimes these projects have a little bit of work to do and that is where paul shines because of our ability to aid the engineering house or the end user


a fully capable manufacturing facility outside Shanghai to be able to supply the Asian theater

a fully capable manufacturing facility outside shanghai to be able to supply the asian theater


I cannot give you any guidings on what that means in practice, but that is the focus and this is what we hope that we can demonstrate in the quarters to come.

i cannot give any guidance on what that means in practice but that is the focus and this is what we hope that we can demonstrate in the quarter to come


But the second question of whether that's feasible or not is probably no because we're located way up in that corner in the Pacific Northwest.

but the second question of whether that's feasible or not is probably no because we're located way up in that corner in the pacific northwest


As it appeared likely that Hurricane Michael was headed our way, our top priority was and still is for the safety of our employees. Thankfully, our employees remained safe.

as it appeared likely that hurricane michael was headed our way our top priority was and still is for the safety of our employees thankfully our employees remain safe


these show that our value investment has achieved good results in the capital markets, especially

these show that our value investment has achieved good results in the capital market especially


Let me now turn to our regional performance. We continue to see solid trends underlying the results in 3 of our 4 regions.

let me now turn to our regional performance we continue to see solid trends underlying the results in 3 of our 4 regions


enhance netbacks is real value for any producer counterparty and we think that to the extent,

enhanced net facts is real value for any producer counterparty and we think that to the extent


since the third quarter of 2017. The competition for deposits this quarter was especially strong in the municipal sector.

since the third quarter of 2017 the competition for deposits this quarter was especially strong in the municipal sector


took a measured approach with test markets. We really made sure that our team out in the field was aware and could handle and educated on the product.

took a measured approach with test markets really made sure that our team out in the field was aware and could handle and educated on the product


We are now in a position due to the size, diversity and maturation of our business model to begin the conversion of our supplemental dividends into regular monthly dividends.

we are now in a position due to the size diversity and maturation of our business model to begin the conversion of our supplemental dividends into regular monthly dividends


reflecting a 4% increase in our variable annuity average separate account values and the ongoing benefit from the annual assumption updates last quarter


And so that's how we're thinking about it as well and we'll be considering those as we possibly move forward. One thing to add is that we also have legal options.

and so that's how we're thinking about it as well and we'll be considering those as we possibly move forward one thing to add is that we also have legal options


And the other thing -- they're focused on the performance. And if they can see the value equation that the value proposition

and the other thing -- they're focused on the performance and if they can see the value equation that the value proposition


when you're looking for a big player that's going to be an impact player in a market or in a service line.


the full year impact of new product launches and the continued development of our dealer base, including increased participation in various programs such as PowerPlay and Power Pro among others.

the full year impact of new product launches and the continued development of our dealer base including increased participation in various programs such as powerplay and powerpro among others


Now that being said, I do think if we see the continued housing construction activity build into the spring and summer season and demand gets back up to where we think it

now that being said i do think if we see the continued housing construction activity build into the spring and summer season and demand gets back up to where we think it


their experimentation with other payment methods or if you just think that it was overall slower than what you had thought


together with the reduction in future outside storage cost that would have been incurred without these investments. The project is on track and on budget.

together with a reduction in future outside storage costs that would have been incurred without this investment the project is on track and on budget


and, from time to time, look at larger acquisitions like the Wheels transaction. I think the reality is that in this environment,

and from time to time look at larger acquisitions like the wheels transaction i think the reality is in this environment


And I was particularly happy to see the organic growth in our net revenues. For those that have been listening in on the calls for the last several quarters

and i was particularly happy to see the organic growth in our net revenues for those that have been listening in on the calls for the last several quarters


Okay. And then just on the repositioning of the balance sheet and the approach to adding securities. Are you thinking any differently going forward than

okay and then just on the rate positioning of the balance sheet and the approach to adding securities are you thinking any differently going forward than


We just want to thank you for joining us this afternoon, and we very much look forward to catching up with everybody again when we release our third quarter results in August.

we just want to thank you for joining us this afternoon and we very much look forward to catching up with everybody again when we release our third quarter results in august


At this point, again, I want to thank all of the employees of Air Products for their continued hard work and commitment

at this point again i want to thank all of the employees of air products for their continued hard work and commitment


Since Mitsubishi Corporation is a product marketing-based organization, we have a tendency to put all our efforts into these products.

since mitsubishi corporation is a product marketing-based organization we have a tendency to put all our efforts into these products


helped us focus on initiatives that will move the business forward and created an overall stronger sense of collaboration. We have a clear road map built to pursue projects that matter most.

help us focus on initiatives that will move the business forward and created an overall stronger sense of collaboration we have a clear road map built to pursue projects that matter most


On Slide 14, we present a summary of the year-to-date results of the LiLAC Group, which is comprised of our operations in Latin America and the Caribbean.

on slide 14 we present a summary of the year-to-date results of the lilac group which is comprised of our operations in latin america and the caribbean


reversal of rebate in first quarter of '16 when you look at the Norditropin numbers. But even with that, the second quarter this year

reversal of rebate in first quarter of '16 when you look at the norditropin numbers but even with that the second quarter this year


This is the fourth time we have won this coveted award and we are most appreciative of this recognition and vote of confidence.

this is the fourth time we have won this coveted award and we are most appreciative of this recognition and vote of confidence


and as well as our retention, as you know. And I would say that there was not anything that would've been out of what I would call the ordinary in terms of the pricing environment.

and as well as our retention as you know and i would say that there was not anything that would have been out of what i would call the ordinary in terms of the pricing environment


Ladies and gentlemen, thank you for your participation in today's conference. This concludes today's program. You may now disconnect. Everyone, have a great day.

ladies and gentlemen thank you for your participation in today's conference this concludes today's program you may now disconnect everyone have a great day


Last quarter, we explained that as blades continue to get longer, utilize more advanced materials and we continue to drive increased output per line,

last quarter we explained that as blades continue to get longer utilize more advanced materials and we continue to drive increased output per line


As many of you have heard me discuss, our intent is to leverage the Hydratight maintenance center in order to sell a broader array of tools and services.

as many of you have heard me discuss our intent is to leverage the hydrotite maintenance centers in order to sell a broader array of tools and services


primarily related to our improved operating results and changes in working capital, inclusive of the reduction in our inventories.

primarily related to our improved operating results and changes in working capital inclusive of the reduction in our inventories


The big advantage is the close railway, and as well from a sustainability point of view, we get the beans from Netherlands. We get it by

the big advantage is is the close railway and as well from a sustainability point of view we get the beans from the netherlands we get it by


This is what management teams should do. Now I want to try to dive into something that you mentioned. So you said, in particular you called out

this is what management teams should do now i want to try to dive into something that you mentioned so you said in particular you called out


I think everybody's really excited about the opportunity in Guyana, and I think there's a lot of enthusiasm moving forward. And with that, comes a lot of good thoughts in innovation.

i think everybody is really excited about the opportunity of guyana and i think there's a lot of enthusiasm moving forward and with that comes a lot of good thoughts and innovation


The mortgage industry broadly has been adapting for several quarters now to the impact of higher rates and an associated slowdown in home purchases and refinance activity. Our

the mortgage industry broadly has been adapting for several quarters now to the impact of higher rates and an associated slowdown in home purchases and refinance activity


returns on this investment will likely be driven by the servicer's ability to efficiently work with delinquent borrowers, an ongoing credit performance of the loans overall.

returns on this investment will likely be driven by the servicer's ability to efficiently work with delinquent borrowers and ongoing credit performance of the loans overall


So what that means is there's a whole bunch of things that, that allows us to do. As we continue to scale up the business and see more operating leverage,

so what that means is there's a whole bunch of things that that allows us to do as we continue to scale up the business and see more operating leverage


However, the fact that eventually these savings are reflected in earnings is largely due to the good success on the market.

however the fact that eventually these savings are reflected in earnings is largely due to the good success on the market


The clinical and commercial investments that we've made over the last 9 months have positioned us well to accelerate organic growth in the second half of the year.

the clinical and commercial investments that we've made over the last 9 months have positioned us well to accelerate organic growth in the second half of the year


I'm not that concerned about the Switzerland plant conversion from SAP to Oracle. We've done that multiple times. That happens in the fourth quarter.

i'm not that concerned about the switzerland plant conversion from sap to oracle we've done that multiple times that happens in the fourth quarter


at least the levels that we had before the pipeline was shut down. We're actually using this opportunity while the pipeline is down to do some

to at least the levels that we had before the pipeline was shut down we're actually using this opportunity while the pipeline is down to do some


So we may see some acceleration, but I cannot tell you how much. I am moderately optimistic in terms of that

so we may see some acceleration but i cannot tell you how much i am moderately optimistic in terms of that


And Tim, how long do you anticipate the reorientation of the sales team will take until you have it where you would like it, focusing on those 2 different distribution channels?

and tim how long do you anticipate the reorientation of the sales team will take until you have it where you would like it focusing on those 2 different distribution channels


even after the provision we've taken here, half of which relates to Bulyanhulu, we're 5 to 6 years away, depending on where gold prices go

even after the provision we've taken here half of which relates to billy and hulu we're 5 to 6 years away depending on where gold prices go


Our plans have been presented to customers and will enter the market in the next few weeks, well before the critical Chinese New Year season.

our plans have been presented to customers and we'll enter the market in the next few weeks well before the critical chinese new year season


excluded it from some of the guidance. We still have the numbers there so you can still understand what is -- what it's delivering. Looking at our

excluded it from some of the guidance we still have the numbers there so you can still understand what is delivering looking at our


but we'll have to wait and see what FERC determines once they get a full commission. Right now, they're down to 2 commissioners as you know so they don't even have a quorum. So whenever that occurs,

but we'll have to wait and see what ferc determines once they get a full commission right now they're down to 2 commissioners as you know so they don't even have a quorum so whenever that occurs


We remain hopeful that we can reach a constructive solution that truly is of best interest for our state and our fellow Illinois citizens.

we remain hopeful that we can reach a constructive solution that truly is in the best interest for our state and our fellow illinois citizens


And we will continue to be well positioned to generate productivity that is well in excess of our labor and fixed cost inflation. Lastly, and importantly,

and we will continue to be well positioned to generate productivity that is well in excess of our labor and fixed cost inflation lastly and importantly


We continue to invest in our people as we added depth to our executive ranks and consolidated our Brand Portfolio under one leader.

we continue to invest in our people as we added depth to our executive ranks and consolidated our brand portfolio under one leader


Our Cajun-Sibon system brings much needed NGL supplies into the region, and our expansive asset base serves these growing demand markets in customers.

our cajun to bone system brings much needed ngl supplies into the region and our expansive asset base serves these growing demand markets and customers


over the last couple of years to build up our capability around pricing. And I think the first sort of proof point that we had

over the last couple of years to build up our capability around pricing and i think the first sort of proof point that we had of


the demand of our customers in this kind of business is pretty stable during the year, so we feel pretty confident that this will come back. And that's the reason why,

the demand of our customers in these kind of businesses pretty stable during the year so we feel pretty confident that this will come back and that's the reason why


those trains are going to leave the station and we're going to see a lot of momentum and pricing will snap back and it will snap quickly because of this pent-up demand.


both lands that will show up in the Timber segment, as well as stumpage blocks that have contributed to the growth in our performance on the Trading segment.

of both lands that will show up in the timber segment as well as stumpage blocks that have contributed to the growth in our performance on the trading segment


From a facility consolidation perspective, we are benefiting from a leaner operations management and overhead structure in advance of project completion in the upcoming quarter.

from a facility consolidation perspective we are benefiting from a leaner operations management and overhead structure in advance of project completion in the upcoming quarter


recover those cost increases. But as we've seen that the price points to the consumer move up fairly significantly over the last couple of years,

to recover those cost increases but as we've seen that the price points to the consumer move up fairly significantly over the last couple of years


and we've been successful growing our share over time there. I would like to see us grow even faster, and that will be a very much a focus for us

and we've been successful growing our share over time there i would like to see us grow even faster and that will be a very much a focus for us


where we saw a lot of opportunities, a lot of opportunities for growth. Many of these geographies that we sell into are quite fragmented,

where we saw a lot of opportunities a lot of opportunities for growth many of these geographies that we sell into are quite fragmented


versus the kind of classical ingredients business, tends to be more sticky, tends to be more defensible, better from a pricing standpoint,

versus the kind of classical ingredients business tends to be more sticky tends to be more defensible better from a pricing standpoint


gives us a new potential growth engine for the future. And on the marketing side, with regards to what it does for our client base, which we never want to forget.

gives us a new potential growth engine for the future and on the marketing side with regards to what it does for our client base which we never want to forget


Expanded distribution of our brands over innovative platforms like NextRadio will enable additional opportunities for enhanced integrated marketing revenues.

expanded distribution of our brands over innovative platforms like next radio will enable additional opportunities for enhanced integrated marketing revenues


and our exclusive fashion-oriented products that are available in a variety of unique sizes that are not offered by many of our competitors.

in our exclusive fashion-oriented products that are available in a variety of unique sizes that are not offered by many of our competitors


over that period as you have some of the operations going now. But we have not put out any long-term forecasts out. That's something we are thinking about, particularly given Obuasi coming on stream.

over that period as you have some of the operations going down but we have not put out any long-term forecast out that's something we are thinking about particularly given abu dhabi coming on stream


I want to thank you all for your participation today, and I look forward to reporting on our year-end results in February. And best wishes for the end of the year

i want to thank you all for your participation today and i look forward to reporting on our year-end results in february and best wishes for the end of the year


Now after we've identified the leakage areas, we can provide point solutions to assist in addressing the leakage and managing risks for the enterprise.

now after we've identified the leakage areas we can provide point solutions to assist in addressing the leakage and managing risk for the enterprise


We believe this integration of our core business and our new technology solutions gives us a competitive advantage to grow and win new clients.

we believe this integration of our core business and our new technology solutions gives us a competitive advantage to grow and win new clients


very proud of our ability to generate such a strong cash flow in the current market, which demonstrates the countercyclical nature of our working capital needs.

we're very proud of our ability to generate such strong cash flow in the current market which demonstrates the countercyclical nature of our working capital needs


customers have consistently chosen us to grade their valued collectibles. Those gains can be seen in the strong increase in the number of submitted items.

our customers have consistently chosen us to grade their valued collectibles those gains can be seen in the strong increase in the number of submitted items


and I am confident we are investing in the technologies and channels necessary to accelerate top line growth over time.

and i am confident we are investing in the technologies and channels necessary to accelerate top line growth over time


and the team is actively engaged with the business units as well as external advisers in an effort to improve cash generation and management.


The multifamily segment will continue to grow, but we expect a deceleration in the rate of growth as compared to the last few years.

the multifamily segment will continue to grow but we expect a deceleration in the rate of growth as compared to the last few years


The growth of both revenue margin will make an investments in our business and demonstrates the disciplined approach we set out 2 years ago.

the growth of both revenue margin while making investments in our business demonstrates the disciplined approach we set out 2 years ago


But the green shoots across the end markets in which we operate continue to point to steady growth for Granite from healthy public and private market demands.

but the green shoots across the end markets in which we operate continue to point to steady growth for granite from healthy public and private market demands


And as a result, we do continue to see our largest investors invest across a number of our funds. I mentioned earlier

and as a result we do continue to see our largest investors invest across a number of our funds i mentioned earlier


As we continue to scale our direct lending business, our team can retain a larger share of their originations, thereby improving profitability.

as we continue to scale our direct lending business our team can retain a larger share of their originations thereby improving profitability


With that, let me turn it over to Patricia for a few comments. Thank you, Darin. Gary asked if I'd summarize before opening the lines for questions.

with that let me turn it over to patricia for a few comments thank you darren gary asked if i'd summarize before opening the lines for questions


This is typically related to deployment cycles of large strategic partners, but there are other factors, which Darin will be addressing in more detail.

this is typically related to deployment cycles of large strategic partners but there are other factors which darren will be addressing in more detail


As one of the global programs, domestic project was decided to be pursued. Between these 2, there is no contradiction.

as one of the global programs domestic project was decided to be pursued between these two there is no contradiction


European, north and eastern U.S. as one of the more challenged market areas. But I think it fundamentally has not changed the way that we look at the business on that.

european north -- and eastern u s is one of the more challenged market areas but i think it fundamentally has not changed the way that we look at the business on that


level or even go up from here in terms of commodity prices, wouldn't that kind of go against a full reversal of the working capital?

level or even go up from here in terms of commodity prices wouldn't that kind of go against a full reversal of the working capital


Is there any kind of, as we look at 2018, just a general sense for whether there's going to be more renovation activity or less relative

is there any kind of -- as we look at '18 just a general sense for whether there's going to be more renovation activity or less relative to '17


the challenges whether or not people are prepared to sell in the current environment. I think the reality is there's probably more

the challenges whether or not people are prepared to sell in the current environment i think the reality is there's probably more


On a positive note, we had strong performances in our parts and services departments, from our truck dealerships and in Carlins Auctions.

on a positive note we had strong performances in our parts and services departments from our truck dealerships and in carlin's auctions


As just noted, the increase is primarily impacted by the recently approved organizational restructuring, which will result in the elimination of Crombie's most significant corporate subsidiary

as just noted the increase is primarily impacted by the recently approved organizational restructuring which will result in the elimination of crombie's most significant corporate subsidiary


and when and why. This is in stark contrast to the approach of the prior management team, which utilized more of a snapshot-type method.

and when and why this is in stark contrast to the approach of the prior management team which utilized more of a snapshot type method


But the thing to keep in mind again is that Pony is a liquid line -- liquids line. It's important for shippers to maintain history.

but the thing to keep in mind again is that pony is a liquid line -- liquids line it's important for shippers to maintain history


And we have entertained conversations with some about extending their contracts. We continue to have those conversations.

and we have entertained conversations with some about extending their contracts we continue to have those conversations


And I guess any litigation that had prior existed has now been resolved as part of the agreement, is that correct?

and i guess the -- any litigation that had prior existed has now been resolved as part of the agreement is that correct


We've improved our right to win, and we're leveraging best practices across the organization to ensure we deliver service excellence for our clients each and every day.

we've improved our right to win and we're leveraging best practices across the organization to ensure we deliver service excellence for our clients each and every day


for home infusion companies billing drugs under Part D. When there is an immediate and significant reimbursement cut,

for home infusion companies billing drugs under part b when there is an immediate and significant reimbursement cut


these are incremental relationships for us. And there's a little bit of transition we go through. For instance, as clients are in the evaluation or early part of the adoption phase, they

these are incremental relationships for us and there's a little bit of a transition we go through for instance as clients are in the evaluation or early part of the adoption phase


And they are starting to look at the jobs differently. And just as Granite started 12, 18 months ago, I see our competitors following with

and they are starting to look at the jobs differently and just as granite started small 18 months ago i see our competitors following with


And I think were it to reverse, I think we're going to demonstrate, because of this unique model, that we have a high dividend rate relative to what people are used to seeing,

and i think we're to reverse i think we're going to demonstrate because of this unique model that we have of high dividend rate relative to what people are used to seeing


something you saw an opportunity to kind of acquire more subs? And is that something that we -- I said -- I think you said it was going to moderate in the fourth quarter. But

something you saw an opportunity to kind of acquire more subs and is that something that we -- i said -- i think you said it was going to moderate in the fourth quarter but


I look forward to the opportunity to continue James's legacy of strong leadership and working closely with him to ensure a smooth transition.

i look forward to the opportunity to continue james' legacy of strong leadership and working closely with him to ensure a smooth transition


It has been energizing to reconnect with the company and many of the people I spent a good portion of my earlier career working with to deliver on our customers expectations.

it has been energizing to reconnect with the company and many of the people i spent a good portion of my earlier career working with to deliver on our customers' expectations


cost efficiency initiatives that will continue to benefit the margins. But since the 2 segments are close to all-time highs,

cost efficiency initiatives that will continue to benefit the margins but since the 2 segments are close to all-time highs


What we would rather do is to have internal controls, so that our market can go back to the normal condition.

what we would rather do is to have internal controls so that our market can go back to the normal condition


one of the increases in the staff cost has been we've added a few additional people in Switzerland to maintain the throughputs of projects

one of the increases in the staff costs has been we've added a few additional people in switzerland to maintain the throughput of projects


this quarter was the first time our ending unit count outside of Oklahoma exceeded the ending unit count inside of Oklahoma.

this quarter was the first time our ending unit count outside of oklahoma exceeded the ending unit count inside of oklahoma


has exceeded our internal expectations, and are also the direct result of the investments that we've made in hardware and game development.

has exceeded our internal expectations and are also the direct result of the investments that we've made in hardware and game development


The restaurant will be located in Downtown Miami on Biscayne Boulevard at the new ME Hotel through a management deal with our partners, the ME Hotel group.

the restaurant will be located in downtown miami on biscayne boulevard at the new me hotel through a management deal with our partners the me hotel group


Among these individuals, there is extensive experience from leading organizations within the orphan disease space and from biotechnology more broadly,

among these individuals there is extensive experience from leading organizations within the orphan disease space and from biotechnology more broadly


as you see over the years, we have the speed between 2% and 4% in shortening of AVLOS. And the last quarter for the

as you see over the years we have the speed between 2% and 4% in shortening of ablos and the last quarter for the


We expect to continue for several quarters to come with our ongoing enhancements to our KYC processes and with expanding our orders in compliance functions.

we expect to continue for several quarters to come with our ongoing enhancements to our kyc processes and with expanding our audit and compliance functions


where we had changes going on and we were not conservative, and that did not work well for us. So we've taken a much more modest approach.

where we had changes going on and we were not conservative and that did not work well for us so we've taken a much more modest approach


supported by a commercial portfolio with double-digit year-over-year growth expectations. Combining that with the ability to leverage our strong financial position

supported by a commercial portfolio with double-digit year-over-year growth expectations combining that with the ability to leverage our strong financial position


I think we can have a debate about what industry averages over the long term. But yes, I think in 1920s -- I think pretty consistent with what we think. So

i think we could have a debate about what industry average is over the long term but yes i think in '19-'20 i think pretty consistent with what we think so


In addition, the mix this quarter positively impacted us as we delivered more systems than a typical first quarter, especially in the Americas.

in addition the mix this quarter positively impacted us as we delivered more systems than a typical first quarter especially in the americas


last quarter. I think you see the continuation of that this quarter with everyone doing really, really well. So I think that's just a validation of what we've been saying

last quarter i think you see the continuation of that this quarter with everyone doing really really well so i think that's just a validation of what we've been saying


So the revenue certainly was an easier compare in the current quarter, given last year we were announcing the new product that came out late in the quarter, but we're really pleased with the margin expense performance. I

so the revenue certainly was an easier compare in the current quarter given last year we were announcing the new product that came out late in the quarter but we're really pleased with the margin expense performance


I would expect the steel to be fully erected by sometime in the third quarter and then finish trades and significantly more

i would expect the steel to be fully erected by sometime in the third quarter and then finish trades and significantly more


Civil segment revenue was up 14% compared to the fourth quarter of last year primarily as a result of progress on the Newark Airport Terminal 1 project

civil segment revenue was up 14% compared to the fourth quarter of last year primarily as a result of progress on the newark airport terminal 1 project


We like the portfolio we have, but we are also very much a growth company, so we will continue systematically to add to the story.

we like the portfolio we have but we are also very much a growth company so we will continue systematically to add to the story


transaction volumes from both a financing and investment sales standpoint were a bit sporadic. I was quite interested that when rates

transaction volumes from both the financing and investment sales standpoint were a bit sporadic i was quite interested that when rates


With our new suite of offerings, we've made a major step towards being able to act as a trusted adviser to our clients and prepare them for success in a value-based world.

with our new suite of offerings we've made a major step towards being able to act as a trusted advisor to our clients and prepare them for success in a value-based world


With respect to the open position of Chief Credit Officer, I am pleased to report that we have identified a strong finalist who is an exceptionally qualified candidate.

with respect to the open position of chief credit officer i am pleased to report that we have identified a strong finalist who is an exceptionally qualified candidate


Our 2 companies will remain intently focused on being a true strategic partner to the colleges and universities we serve.

our 2 companies will remain intently focused on being a true strategic partner to the colleges and universities we serve


As part of that effort, over the last quarter, I've held several mission ceremonies with thousands of our team members to share with them our new mission and guiding principles.

as part of that effort over the last quarter i've held several mission ceremonies with thousands of our team members to share with them our new mission and guiding principles


We believe we may experience some fluctuations in revenues in this stage of the launch, as the sales channel normalizes between distribution and sell-through to vet clinics.

we believe we may experience some fluctuations in revenues in the stage of the launch as the sales channel normalizes between distribution and sell-through to vet clinics


And as I think that has a bigger impact on us than other things. We certainly see the first quarter as the low point for the year. We expect,

and so i think that has a bigger impact on us than other things we certainly see the first quarter as the low point for the year we expect


statements regarding the outlook for the company's future business and financial performance. Forward-looking statements are based on current expectation and assumption of FLY's management,

statements regarding the outlook for the company's future business and financial performance forward-looking statements are based on current expectation and assumption of fly's management


And the main effects of demonetization have been in the regions where you don't have a banking sector that is well-developed, like Central India,

and the main effects of demonetization have been in the regions where you don't have a banking sector that is well developed like central india


And if there are -- if there are areas where we can operate in a leaner, more efficient fashion, we're going to seek them out. We'll find them and we'll make the necessary changes.

and if there are -- if there are areas where we can operate in a leaner more efficient fashion we're going to seek them out we'll find them and we'll make the necessary changes


The contract was modified to put a greater emphasis on carrying out face-to-face assessments at a reduced level.

the contract was modified to put a greater emphasis on carrying out face-to-face assessments at a reduced level


Thanks, Jody. Good afternoon, everyone, and thank you for joining us. I'm excited to provide highlights from another quarter of solid financial performance,

thanks jody good afternoon everyone and thank you for joining us i'm excited to provide highlights from another quarter of solid financial performance


has enabled us to focus our management attention and critical resources on the most important priorities for Starbucks, our partners and our shareholders.

has enabled us to focus our management attention and critical resources on the most important priorities for starbucks our partners and our shareholders


We've eliminated a considerable amount of inefficiency, and we've transformed a lot of our operations to be simpler and easier for both our employees and customers.

we've eliminated a considerable amount of inefficiency and we've transformed a lot of our operations to be simpler and easier for both our employees and customers


The securities yield declined slightly. This was primarily due to higher premium amortization on the SBA or small business association loans

the security yield declined slightly this was primarily due to higher premium amortization on the sba or small business association loans


That means there is a big and growing opportunity to provide robust, free AVOD offerings for viewers who want much more content

that means there is a big and growing opportunity to provide robust free avod offerings for viewers who want much more content


content producers and distributors. That support, combined with the fact that we have the only majority Chinese equity investment

content producers and distributors that support combined with the fact that we have the only majority chinese equity investment


So we have simply made one basic adjustment to the outlook, and that is a technical adjustment due to the fact

so we have simply made one basic adjustment to the outlook and that is a technical adjustment due to the fact


that we don't get back to where we originally thought we'd be in the midyear. And we're also having to build some inventory because our landlord, again, has shifted

that we don't get back to where we originally thought we'd be in the midyear and we're also having to build some inventory because our landlord again has shifted


to slow down. It was great in the first quarter. It's always difficult to predict. So I don't want to say it's going to be up every quarter like it was this quarter.

to slow down it was great in the first quarter it's always difficult to predict so i don't want to say it's going to be up every quarter like it was this quarter


is anticipated to be consistent to modestly lower than 2017, primarily due to the anticipated impact of increases in electricity mill rate

is anticipated to be consistent to modestly lower than 2017 primarily due to the anticipated impact of increases in electricity mill rates


Moving on to our end-markets update. On Slide 7, we have a diversified mix of revenues that are focused on some of the most active segments of the overall market.

moving on to our end markets update on slide 7 we have a diversified mix of revenues and are focused on some of the most active segments of the overall market


the drivers of growth and the leverage, for instance, the operating leverage we have in the Northeast and what volumes mean to us in terms of EBITDA there.

the drivers of growth and the leverage for instance the operating leverage we have in the northeast and what volumes mean to us in terms of ebitda there


owing to our preference of profitable growth rather than growth for growth sake. As we believe that this sets us up for even stronger

owing to our preference for profitable growth rather than growth for growth's sake as we believe that this sets us up for even stronger


Large global companies took an interest in our product, but they required months of validation, testing before they started placing purchase orders.

large global companies took an interest in our product but they required months of validation testing before they started placing purchase orders


comprehensive solution for rapid quality control testing of both sterile and non-sterile biopharmaceutical and consumer products.

comprehensive solution for rapid quality control testing of both sterile and nonsterile biopharmaceutical and consumer products


I'm now well integrated into the investment side of the business here and by way of comparison, I've had experience in very complex capital allocation processes

i'm now well integrated into the investment side of the business here and by way of comparison i've had experience in very complex capital allocation processes


Sales were flat overall, with the adverse impact of the divestment of Opel during the prior year offset by currency gains on translation.

sales were flat overall with the adverse impact of the divestment of opel during the prior year offset by currency gains on translation


delivering operational excellence in our manufacturing facilities and supply chain and providing all of this with exceptional customer service.


Looking to the balance of the year, we expect to continue to benefit from a supportive backdrop in the end markets we serve and we expect to outperform those markets

looking to the balance of the year we expect to continue to benefit from a supportive backdrop in the end markets we serve and we expect to outperform those markets


make sure that we had some success within our core base. But eventually this will be a ProfitStars solution that will sell outside the Jack Henry core base just like many of the other solutions that we offer.

make sure that we had some success within our core base but eventually this will be a profit star solution that we'll sell outside the jack henry core base just like many of the other solutions that we offer


that were implemented during the course of last year. And they were implemented in the second quarter and started to benefit toward the end of the second quarter

that were implemented during the course of last year and they were implemented in the second quarter and started to benefit toward the end of the second quarter


as -- going forward, I think you'll see more of the same. We're focused on driving traffic in as we continue to debut new assortments, and I don't think

as going forward i think you'll see more of the same we're focused on driving traffic in as we continue to debut new assortments and i don't think


we plan to increase our advertising spend compared to the second quarter as we enter into the all-important fall season, a peak decision period for prospective students.

we plan to increase our advertising spend compared to the second quarter as we enter into the all-important fall season a peak decision period for prospective students


associated with an acquisition that the company is no longer pursuing. As Wally commented earlier, selling and promotional expense is expected to increase

fees associated with an acquisition that the company is no longer pursuing as wally commented earlier selling and promotional expense is expected to increase


It is true that we believe that our presence in major cities is an important element of our international strategy going forward,

it is true that we believe that our presence in major cities is an important element of our international strategy going forward


Our updated guidance also incorporates all of the transactional activity completed to date as well as the anticipated closing of the 2 suburban Boston assets.

our updated guidance also incorporates all of the transactional activity completed to date as well as the anticipated closing of the 2 suburban boston assets


driving our competitiveness and building earning power as we capture growth from new programs and from executing on our industry-leading backlogs.


While these statements reflect our best current judgment, they are subject to risks and uncertainties that could cause our actual results to differ materially.

while these statements reflect our best current judgment they are subject to risks and uncertainties that could cause our actual results to differ materially


In addition, we strive to have strong partnerships with our independent operators and are pleased with the results to date.

in addition we strive to have strong partnerships with our independent operators and are pleased with the results to date


has helped us provide -- helped us to best identify our product pipeline moving forward. We are working quickly and diligently to make our ideas a reality.

has helped us provide -- helped us to best identify our product pipeline moving forward we are working quickly and diligently to make our ideas a reality


driven by workers' comp and incentive compensation accrual reversals. Now, I would like to turn the call back over to Tom for concluding remarks.

driven by workers' comp and incentive compensation accrual reversals now i would like to turn the call back over to tom for concluding remarks


I would like to see both systems and service grow at the same time and still maintain somewhere around 25% to 30%, but both the business grow at the same time.

i would like to see both systems and service grow at the same time and still maintain somewhere around 25% to 30% but both the businesses grow at the same time


making its director product eligible for procurement by all federal agencies based on its security and reliability as a third-party cloud solution.


specific to the look and feel and ambience of the store, the store environment. So we're going to pick a couple, one store in the Los Angeles area, one store here in the city,

specific to the look and feel and ambience of the store the store environment so we're going to pick a couple -- one store in the los angeles area and one store here in the city


and third, the cost of debt still falling, and our debt providers are still continuing to provide us with very strong support.

and third the cost of debt is still falling and our debt providers are still continuing to provide us with very strong support


Europe remains the most stable region. Constant currency yields and unit revenues even increased in the second quarter.

europe remains the most stable region constant currency yield and unit revenues even increased in the second quarter


We have made the decision to accelerate certain investments this year to capture some attractive commercial opportunities, which will result in an increase in capital expenditure.

we have made the decision to accelerate certain investments this year to capture some attractive commercial opportunities which will result in an increase in capital expenditure


We continue to invest in being the best partner for small businesses. We are developing tools and marketing and distribution systems to reach new audiences.

we continue to invest in being the best partner for small businesses we are developing tools and marketing and distribution systems to reach new audiences


every commodity today that we purchase is at a higher level than what we originally anticipated. So I think it's a pretty broad-based

every commodity today that we purchase is at a higher level than what we originally anticipated so i think it's a pretty broad base


is almost identical. In fact, it's up a little bit in the first half of '17, if you take out that pension contribution. So really what happened is we had

is almost identical in fact it's up a little bit in the first half of '17 if you take out that pension contribution so really what happened is we had


What are you seeing economically? Is the consumer starting to roll over as Intermodal volumes suggested throughout the fourth quarter of '15? Or is it holding firm?

what are you seeing economically is the consumer starting to roll over as intermodal volumes suggested throughout the fourth quarter of '15 or is it holding firm


A better explanation of Q4 volumes results is that realized volumes were not as strong as anticipated moving into the month of December.

a better explanation of q4 volumes results is that realized volumes were not as strong as anticipated moving into the month of december


little concerning, but we also have an opportunity to bring in people with -- that can fit the skill set that we're going to be needing as the utility of the future,

little concerning but we also have an opportunity to bring in people with -- that can fit the skill set that we're going to be needing as the utility of the future


our focus remains squarely on managing our portfolio to deliver consistent returns and a well-covered and attractive dividend to our shareholders.


One of the biggest stories in the news these days relates to the Volkswagen diesel issue and how that may impact the automotive supply chain.

one of the biggest stories in the news these days relates to the volkswagen diesel issue and how that may impact the automotive supply chain


a lower cost of ownership to the customer. So we're excited -- continue to be excited about this space. We are very selective in picking our spots.

a lower cost of ownership to the customer so we're excited -- continue to be excited about the space we are very selective in picking our spots


And so the ones that adjust every 5 years, you really don't need inflation to do better because what you do is you buy a year-1 cap rate, and then you ultimately do better over time.

and so the ones that adjust every 5 years you really don't need inflation to do better because what you do is you buy a year 1 cap rate and then you ultimately do better over time


versus what you're seeing? And is this more a function of product mix or is there something else fundamentally that we need to keep in mind?

versus what you're seeing and is this more a function of project mix or is there something else fundamentally that we need to keep in mind


The key point we made at our Investor Day is that our GameStop-branded stores are increasing profitability over the last several years

the key point we made at our investor day is that our gamestop branded stores are in -- are increasing profitability over the last several years


I think particularly in the Contemporary Fashion side of our business is where I would expect to see the most lift, and that has a lot to do with the fact that

i think particularly in the contemporary fashion side of our businesses where i would expect to see the most lift and that has a lot to do with the fact that


we'll simply make an evaluation of where we think the most economic place for us is from a facility perspective and from a strategic perspective,


Before I begin my review of our fourth quarter and 2018 results, I'd like to take a moment on Slide 5 to discuss notable items and how they impacted our financials.

before i begin my review of our fourth quarter and 2018 results i'd like to take a moment on slide 5 to discuss notable items and how they impacted our financials


Thank you. Before we begin, I want to remind you that we will be making forward-looking statements in our comments and in response to your questions concerning our expectations

thank you before we begin i want to remind you that we will be making forward-looking statements in our comments and in response to your questions concerning our expectations


of unfavorable impact from the reservation system cutover. We do not expect a significant impact beyond third quarter.

of unfavorable impact from the reservation system cutover we do not expect a significant impact beyond third quarter


and so there's very good opportunities for a company like us that has a lot of resources and technology, but perhaps we're not that premier a name in fragrances.

and so there's very good opportunities for a company like us that has a lot of resources and technology but perhaps we're not the premier name in fragrances


Our strategy is focused across 3 specific areas. First, we're finding new ways of optimizing our operational performance

our strategy is focused across 3 specific areas first we're finding new ways of optimizing our operational performance


we increased public carrier market sales significantly from a year ago. This was the direct result of changes we are making in our go-to-market strategy.

we increased public carrier market sales significantly from a year ago this was the direct result of changes we are making in our go-to-market strategy


the grocer and the customer is improved by that level of service, so particularly, when you look at how some of the better grocers are executing upon it.

the grocer and the customer is improved by that level of service so particularly when you look at how some of the better grocers are executing upon it


So our phone models that we have today have been out now for roughly about a year and are extremely well-received out in the field.

so our phone models that we have today have been out now for roughly about a year and are extremely well received out in the field


Our performance is being driven by many factors, most notably our strategic focus on building strong local radio brands, with compelling personalities and content,

our performance is being driven by many factors most notably our strategic focus on building strong local radio brands with compelling personalities and content


We have successfully applied big data and AI technology throughout the user journey for our user acquisition,

we have successfully applied big data and ai technology throughout the user journey from user acquisition


As Evan mentioned, we launched Lens Studio less than 2 months ago to make it easier for our community and our advertisers to create Lenses.

as evan mentioned we launched lens studio less than 2 months ago to make it easier for our community and our advertisers to create lenses


taking benefits. So that was adding and actually putting downward pressure on margins because it was putting upward pressure on revenue growth. We now have

taking benefits so that was adding and actually putting downward pressure on margins because it was putting upward pressure on revenue growth we now have


You talked about a global -- a slowdown or a normalization in that business. Perhaps you could provide some additional color on that.

you talked about a global -- a slowdown or a normalization in that business perhaps you could provide some additional color on that


I'd like to conclude my comments today by thanking all of our colleagues for their hard work over this last year. I'm looking forward to reporting on our future success.

i'd like to conclude my comments today by thanking all of our colleagues for their hard work over this last year i'm looking forward to reporting on our future success


As noted last quarter, you will see a continued shift from professional services to the salary and benefits expense line as new hires replace consultants moving forward.

as noted last quarter you will see a continued shift from professional services to the salary and benefits expense line as new hires replace consultants moving forward


We are encouraged and motivated by our early progress. And while we have clearly defined the changes we need to make, there normally are some bumps along the way.

we are encouraged and motivated by our early progress and while we have clearly defined the changes we need to make there normally are some bumps along the way


Our revenue performance in the first quarter was affected primarily by a decline in maintenance and support revenue related to legacy hardware products, as anticipated.

our revenue performance in the first quarter was affected primarily by a decline in maintenance and support revenue related to legacy hardware products as anticipated


We are currently in the construction phase of that facility and plan on taking occupancy in late November of this year.

we are currently in the construction phase at that facility and plan on taking occupancy in late november this year


work rate point of view, I think that's quite achievable. The fact that we haven't drilled on the field extensively for the last 2 years does mean that production has declined, and

so from a work rate point of view i think that's quite achievable the fact that we haven't drilled on the field extensively for the last 2 years does mean that production has declined


both help subscribers enjoy faster overall Internet speed or enjoy more privileges and services.

both help subscribers enjoy faster overall internet speed or enjoy more privileges and services


and I understand for next quarter, I've got to back out kind of the Latin America sales, so I know it's kind of hard to predict these numbers.

and i understand for next quarter i've got to back out kind of the latin america sale so i know it's kind of hard to predict these numbers


in terms of size. So we would expect you to see several acquisitions a year on the Quench side that may be a bit smaller, and frankly one acquisition a year

in terms of size so we would expect you to see several acquisitions a year on the quench side that may be a bit smaller and frankly one acquisition a year


Our guidance that came out our the last Investor Day was that we will grow our dividend double digit each year and we would reduce our share count each year.

our guidance that came out of our last investor day was that we will grow our dividend double-digit each year and we would reduce our share count each year


of the quarter, just on the nature of the closings and how those deals went. So there's some benefit from an uptick perspective there.

of the quarter just on the nature of the closings and how those deals went so there's some benefit from an uptick perspective there


And that helps to offset some of the prices that need to be paid for the great companies that we're buying, because our thesis is literally,

and that helps to offset some of the prices that need to be paid for the great companies that we're buying because our thesis is literally


We expect to turn on fees for our latest vintage U.S. buyout fund towards the end of the second quarter and the new Asia fund in the second half of the year.

we expect to turn on fees for our latest vintage u s bailout fund towards the end of the second quarter and the new asia fund in the second half of the year


than the second quarter number. Having said that, I think a lot of the things that we talked about a year ago that we said would start hitting the bottom line this year,

than the second quarter number having said that i think a lot of the things that we talked about a year ago that we said would start hitting the bottom line this year


Actual results may differ materially as a result of various risk factors that have been described in our periodic filings with the SEC.

actual results may differ materially as a result of various risk factors that have been described in our periodic filings with the sec


We are still largely on track to hit our commitments for this year, but margins were a little below our expectations in the quarter because of the timing of certain shipments.

we are still largely on track to hit our commitments for this year but margins were a little below our expectations in the quarter because of the timing of certain shipments


and the momentum coming out of the first half will continue into H2. Now is the right time to review the options to take this business forward.

and the momentum coming out of the first half will continue into h2 now is the right time to review the options to take this business forward


My questions are a little bit more simplistic because I can detect some of these calls, probably most all of them, have come from brokerage houses, maybe, that handle a lot of your shares.

my questions are a little bit more simplistic because i can detect some of these calls probably most all of them have come from brokerage houses maybe that handle a lot of your shares


that we've called out before, but what I would tell you is they were more flattish. And so we had improved margins for Canada,

that we've called out before but what i would tell you is they were more flat-ish and so we had improved margins for canada


But the healthcare landscape is rapidly evolving, and we need perpetual and nimble innovation to best serve our customers' healthcare needs.

but the health care landscape is rapidly evolving and we need perpetual and nimble innovation to best serve our customers' health care needs


you still doing nothing new in France. Are you still at the same point, or have you any new plans for the French

you're still doing nothing new in france are you still at the same point or have you any new plans for the french market


Customers clearly responded to the fresh, exciting and trend-right assortment in our stores throughout the quarter.

customers clearly responded to the fresh exciting and trend-right assortment in our stores throughout the quarter


Okay, great. And then secondly, there's been a lot of discussion about the weak retail traffic that's kind of happening around your stores and how that might be

okay great and then secondly there's been a lot of discussion about the weak retail traffic that's kind of happening around your stores and how that might be


that we've made available to advisers on the platform will have been screened and approved for platform use by a respected and impartial third-party.

that we've made available to advisers on the platform will have been screened and approved for platform use by a respected and impartial third party


This is pressuring hotel operating margins and lengthening new hotel construction time lines, particularly for non-prototype and urban hotels

this is pressuring hotel operating margins and lengthening new hotel construction time lines particularly for non-prototype and urban hotels


some of the returns that we were looking at are very low. And by the way, well below doesn't mean they're losing money by any extent. These are still double-digit

some of the returns that we were looking at were very low and by the way well below doesn't mean they're losing money by any extent these are still double-digit


We continued our brand awareness campaign to help better position our products and services offerings and drive future revenue growth.

we continued our brand awareness campaign to help better position our products and services offerings and drive future revenue growth


delivering better results, EBIT-wise, in Orkla Care. This time, you're well below. And you have even had to spend more advertising money

delivering better results ebit-wise in orkla here this time you're well below and you have even had to spend more advertising money


In summary, I am extremely pleased with the progress we've made with the transition, and I believe we're positioning the company to expand our technology leadership in the construction space.

in summary i am extremely pleased with the progress we've made with the transition and i believe we're positioning the company to expand our technology leadership in the construction space


And I'm just curious how that would compare to sites that have yet to be reimaged? I think the 2% is a really good number. That's what we see inside, outside

and i'm just curious how that would compare to sites that have yet to be reimaged i think the 2% is a really good number that's what we see inside outside


presented us with a potential loss of supply. Thankfully, Enbridge was able to get it parallel 30 inch transmission line back in service quickly.

presented us with a potential loss of supply thankfully enbridge was able to get its parallel 30-inch transmission line back in service quickly


which provided us with a sense of confidence around our low-to-mid single digit organic constant currency revenue growth target that we discussed with you on that call.

which provided us with a sense of confidence around our low to mid-single-digit organic constant currency revenue growth target that we discussed with you on that call


and look for opportunities to grow our business. We don't want to be tapped out and then be faced with the prospect of even having to divest things. So I think we feel like that,

and look for opportunities to grow our business we don't want to be capped out and then be faced with the prospect of even having to divest things so i think we feel like that


certainly the success we've had at 400 West Georgia gives us confidence that there's a lot of demand

the -- certainly the success we've had at 400 west georgia gives us confidence that there's a lot of demand


The dealer network is also in the process of being expanded. So these new products were taken to major capital city shows between February and May of this year.

the dealer networks also in the process of being expanded so these new products were taken to major capital city shows between february and may of this year


is there a need to sort of grow that business in different ways? Are there products? Are there strategies, et cetera, that need to be added to this? And

is there a need to sort of grow that business in different ways are there products are there strategies et cetera that need to be added to this and


And from a margin point of view, I cannot quantify it but I know that the positive impact is already being seen.

and from a margin point of view i cannot quantify it but i know that the positive impact is already being seen


We've obtained broad reimbursement coverage and continue to make great progress with payers, experiencing shorter and shorter times toward moving from prescription to patients receiving drug.

we have obtained broad reimbursement coverage and continue to make great progress with payers experiencing shorter and shorter times toward moving from prescription to patients receiving drug


them is opening up new sorts of drilling techniques and better insight into downhole conditions and enables them to avoid lots of trouble, costs and to drill faster and to

is opening up new sorts of drilling techniques and better insight into downhole conditions and enables them to avoid lots of trouble costs and to drill faster and to


A market environment in which customers strive to implement better physical and digital solutions, drill ever-increasing lateral lengths more quickly at lower costs

a market environment in which customers strive to implement better physical and digital solutions drill ever-increasing lateral lengths more quickly at lower cost


Looking towards the future, we see large opportunities to expand our customer base and add capacity at existing customers as their research needs grow.

looking towards the future we see large opportunities to expand our customer base and add capacity at existing customers as their research needs grow


At Deutsche Bank, we're undertaking as much restructuring as possible in 2016 despite the burden of lost revenues and added expense in the year.

at deutsche bank we're undertaking as much restructuring as possible in 2016 despite the burden of lost revenues and added expense in the year


about a 10%. And that was just through normal attrition, and we just didn't add any of those people. Obviously, if they have a key position

about a 10% and that was just through normal attrition and we just didn't add any of those people obviously if we have a key position


Our vision for CapStar is to be a high-performing financial institution known for sound, profitable growth.

our vision for capstar is to be a high-performing financial institution known for sound profitable growth


Stepping back and looking at the broader context. 2018 shows how the industry has fundamentally changed over the past 5 years.

stepping back and looking at the broader context 2018 shows how the industry has fundamentally changed over the past 5 years


If you bring it into Mexico from China, it's 30%. If you bring it into Brazil from China, it's 40%. So what you want to do is look and say, well,

if you bring it into mexico from china it's 30% if you bring it into brazil from china it's 40% so what you want to do is look and say well


we feel very good with that in the Americas, and we're also transitioning that model into EMEA, with a heavier focus on new logos.

we feel very good with that in the americas and we're also transitioning that model into emea with a heavier focus on new logos


not rely as much on existing business and renewals is where we want to go, and that's what we do well, which is why we're driving into those markets.

not rely as much on existing business and renewals is where we want to go and that's what we do well which is why we're driving into those markets


Except as provided by federal securities laws, we are not required to publicly update or revise any forward-looking or cautionary statements.

except as provided by federal securities laws we are not required to publicly update or revise any forward-looking or cautionary statements


On interest -- incremental interest associated with the Hiland transaction is more than offset by lower balance and lower rates.

on interest incremental interest associated with the highland transaction is more than offset by lower balance and lower rates


And we are also seeking to provide the most convenient injection experience to our patients, and we'll talk more about that on Investor Day.

and we are also seeking to provide the most convenient injection experience to our patients and we'll talk more about that on investor day


Next question. What caused the slowdown in revenue growth? What has changed on the ground versus your initial expectations?

next question what caused the slowdown in revenue growth what has changed on the ground versus your initial expectations


how do you get workflows that span not just that asset but other assets that sit on the platform. So I briefly reference, the reality is

how do you get workflows that span not just that asset but other assets that sit on the platform and so i briefly reference now the reality is


However, we expect these typical negative factors will be offset by improvements in product mix and production efficiency,

however we expect these typical negative factors will be offset by improvements in product mix and production efficiency


continue to shop more often at the traditional warung small retail shops than at supermarkets and other modern trade channels.

continue to shop more often at the traditional warang small retail shops than at supermarkets and other modern trade channels


and a recent Federal Reserve study found that 2 of the 3 top issues concerning small businesses were the lack of credit availability and uneven cash flow.

and a recent federal reserve study found that 2 of the 3 top issues concerning small businesses were the lack of credit availability and uneven cash flow


Before we begin, we remind everyone of the forward-looking statements disclaimer. Please be advised that during the course of this conference call, management may make forward-looking statements

before we begin we remind everyone of the forward-looking statements disclaimer please be advised that during the course of this conference call management may make forward-looking statements


One new win, a consumer manufacturing company, is integrating 3 of CyberArk's products into what the customer identifies as an Internet of Things project.

one new win a consumer manufacturing company is integrating 3 of cyberx's products into what the customer identifies as an internet of things project


so we did have a little bit of a benefit, I would say, in Global Power from timing in Q1. We had a couple of projects we've been performing very well on,

so we did have a little bit of a benefit i would say in global power from timing in q1 we had a couple of projects we've been performing very well on


what we find is that the broader industrial marketplace is a better indicator of the speed at which we'll grow the business.

but what we find is that the broader industrial marketplace is a better indicator of the speed at which we'll grow the business


relative to the pound and euro, so it's been a little bit of a challenge for us, not in terms of profitability, but just in terms of demonstrating the growth that we are actually seeing over there.

relative to the pound and euro so it's been a little bit of a challenge for us not in terms of profitability but just in terms of demonstrating the growth that we are actually seeing over there


and leveraging our tax pros to do that. So we think we're incredibly well-positioned to provide that kind of service versus our competition.

and leveraging our tax pros to do that so we think we're incredibly well positioned to provide that kind of service versus our competition


In a given quarter, of course, you have to then think about the number of tons that are sold as well, right? In a given quarter,

in a given quarter of course you have to then think about the number of tons that are sold as well right in a given quarter


how many pieces along the way that really is, that you've got to debottleneck when you start changing your production blend. And it's not quite as easy as some people think it is.

how many pieces along the way there really is that you've got to debottle when you start changing your production blend and it's not quite as easy as some people think it is


with EOGs legacy acreage position and this resulted in the opportunity to drill extended laterals and the ability to utilize much of our existing infrastructure in our core area.

with eog's legacy acreage position and this resulted in the opportunity to drill extended laterals and the ability to utilize much of our existing infrastructure in our core area


growth in auto in the first quarter. We also continue to see some market share gain as people adapt our products

growth in auto in the first quarter we also continue to see some market share gain as people adapt our products


When you look at the business mix, I'm extremely proud that we have continued to optimize our business mix.

when we look at the business mix i'm extremely proud that we have continued to optimize our business mix


And we haven't had an org structure that puts a champion in charge of that to drive that -- those improvements across all the banners.

and we haven't had an org structure that puts a champion in charge of that to drive back those improvements across all the banners


And this is obviously of that trend of low sugar and health and wellbeing. So we're hoping to see some good traction there. And by June, we will have a breakfast drink,

and this is obviously of that trend of low sugar and health and well-being so we're hoping to see some good traction there and by june we will have a breakfast drink


We are also aggressively building our presence in the high-growth, high-margin AVOD market through new channels, platform partnerships and licensing deals,

we are also aggressively building our presence in the high-growth high-margin avod market through new channels platform partnerships and licensing deals


Expenditures for Project Compass are not included in our current capital projections. Our proposal currently calls for this first segment to be built

expenditures for project compass are not included in our current capital projections our proposal currently calls for this first segment to be built


This then translates also to some implications for how we see cooling technologies developing in this marketplace.

this then translates also to some implications for how we see cooling technologies developing in this marketplace


and also some investments that we've continued to do in our MTech software business that we are building for the future.

and also some investments that we've continued to do in our mtech software business that we are building for the future


experienced across the whole first half? Or was it more experienced towards the back of the first half? I'm trying to understand when the volumes really picked up

experienced across the whole first half or was it more experienced towards the back of the first half i'm trying to understand when the volumes really picked up


cases where -- just if it's a foreign capital situation, it's -- there's always uncertainty on timing, right? So how would you guys kind of approach that with the market?

cases where just if it's a foreign capital situation it's -- there's always uncertainty on timing right so how would you guys kind of approach that with the market


and continued progress in our internal and external research projects, will go a long way, continuing to further increase shareholder value.

and continued progress in our internal and external research projects will go a long way continuing to further increase shareholder value


We raised pricing on both monthly and single premiums for higher risk loans, and lower pricing on higher-quality loans.

we raised pricing on both monthly and single premiums for higher risk loans and lowered pricing on higher quality loans


Not only from the technical perspective, which we're getting better and better at, but as I was talking a lot about this morning to my future colleagues

not only from the tactical perspective which we're getting better and better at but as i was talking a lot about this morning to my future colleagues


We do think we'll have consulting expense on things like model validation, but it shouldn't approach those sorts of numbers.

we do think we'll have consulting expense on things like model validation but it shouldn't approach those sorts of numbers


Yes. So let's see, was there any deferral of any revenue from the previous quarter into this quarter?

yes so let's see was there any deferral of any revenue from the previous quarter into this quarter


Our focus on continuous improvement helped boost margin expansion. And our capacity expansion is currently in the process of being commissioned.

our focus on continuous improvement helped boost margin expansion and our capacity expansion is currently in the process of being commissioned


to the other. And if we could have consumer insights and products, which come from one country to be brought to another, that should help to

to the other and if we could have consumer insights and products which come from one country to be brought to another that should help to


small in the market considering our presence, and we think that presents us with strong opportunity. Our

small in the market considering our presence and we think that presents us with strong opportunity our


for the quarter, which actually would be pretty significant improvement over where it's been last year before we bought it and then even after we bought it. So

for the quarter which actually would be pretty significant improvement over where it's been last year before we bought it and then even after we bought it so


We'll spend the next several months migrating each of our retail brands to this platform. We hope to have this migration complete in time for the holiday shopping season.

we'll spend the next several months migrating each of our retail brands to this platform we hope to have this migration complete in time for the holiday shopping season


our Los Angeles Refinery down for planned maintenance, and we had some unplanned maintenance in the early part of the quarter. There was a continuation from

our los angeles refinery down for planned maintenance and we had some unplanned maintenance in the early part of the quarter there was a continuation from


and a portion, some of the construction disruption as well as just the overall dynamics in The Strip where other operators may or may not have a good

and apportion some of the construction disruption as well as just the overall dynamics in the strip where other operators may or may not have a good


We will continue to emphasize our Discovery series of thermal analyzers while continuing system launches that will add to an already fresh and strong product line.

we will continue to emphasize our discovery series of thermal analyzers while continuing system launches that will add to an already fresh and strong product line


what the credit markets look like and what a potential target would look like. But we certainly have tremendous flexibility given the position we're in today.

what the credit markets look like and what a potential target would look like but we certainly have tremendous flexibility given the position we're in today


Taking another step in our journey, in September, we announced that Brent Yeagy would assume the role of President and Chief Operating Officer for Wabash National,

taking another step in our journey in september we announced that brent yeagley would assume the role of president and chief operating officer for wabash national


As you know, we continue to execute a balanced capital allocation strategy, where we allocate capital to maintain our liquidity, deleverage the balance sheet,

as you know we continue to execute a balanced capital allocation strategy where we allocate capital to maintain our liquidity deleverage the balance sheet


General corporate expenses were lower in the second quarter, primarily due to reduced employee-related expenses and higher allocations to the business units.

general corporate expenses were lower in the second quarter primarily due to reduced employee-related expenses and higher allocations to the business units


Based on inventory and production levels, we do not expect material changes in prices until the industry starts to cut back production.

based on inventory and production levels we do not expect material changes in prices until the industry starts to cut back production


I certainly saw a lot of growth in the Nielsen data, but you didn't mention it today. Have you lost any distribution on party trays?

i certainly saw a lot of growth in the nielsen data but you didn't mention it today have you lost any distribution on party trays


you have a -- that share impact we talked about with respect to Nintendo is not as dramatic as it is internationally.

you have a -- that share impact we talked about with respect to nintendo is not as dramatic as it is internationally


Now I'll move on to second quarter commentary. Hardware in Q2 will be driven by the allocation of and demand for Switch.

now i'll move on to second quarter commentary hardware in q2 will be driven by the allocation of and demand for switch


The brand will continue to work on completing renovations for its network while renewing focus on improving service in the off-channel premises.

the brand will continue to work on completing renovations for its network while renewing focus on improving service in the off-channel premises


prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measure is available in our earnings release.

prepared in accordance with gaap a reconciliation of these measures to the most directly comparable gaap measure is available in our earnings release


give you precise numbers around that connectiveness. I guess, the other thing that I would point out is coming this

give you precise numbers around that connectiveness i guess the other thing that i would point out is coming this


We intend to invest in the highest return opportunities available to us, including strategic bolt-on acquisitions into our growth platforms.

we intend to invest in the highest return opportunities available to us including strategic bolt-on acquisitions into our growth platforms


This is the way we manage the business, and we believe this provides the best transparency to investors about our ability to drive value across the portfolio.

this is the way we manage the business and we believe this provides the best transparency to investors about our ability to drive value across the portfolio


I do believe we have the right team. I do believe we have the right strategy. And we are very focused on managing this very tightly.

i do believe we have the right team i do believe we have the right strategy and we are very focused on managing this very tightly


In January, we made major progress in completing our transformation into a meaningfully less leveraged and much more focused consumer products company

in january we made major progress in completing our transformation into a meaningfully less leveraged and much more focused consumer products company


As we look at the full year, we continue to expect our normal seasonality in the third quarter, and our forecasted sales growth is in line with our prior expectations.

as we look at the full year we continue to expect our normal seasonality in the third quarter and our forecasted sales growth is in line with our prior expectations


So I think that, that is maybe a function of something going on in the market. I don't know, but yes, our incoming opportunities have increased.

so i think that that is maybe a function of something going on in the market i don't know but yes our incoming opportunities have increased


Not sure we have all the answers, but when we talk to our internal and external customers, some of the explanations coming up are

not sure we have all the answers but when we talk to our internal and external customers some of the explanations coming up are


we are continuing, we have things not transformational elements, but we do have some things in the pipeline, we hope we

we are continuing we have things not transformational elements but we do have some things in the pipeline we hope we could


Well, I think we certainly have made representations and I think our representations probably similar to those of other participants. And I think we're awaiting the response

well i think we certainly have made representations and i think our representation is probably similar to those of other participants and i think we're awaiting the response


but as I said, we are not in a hurry and we will take our time to make sure that we are investing in value-creating projects.

but as i said we are not in a hurry and we will take our time to make sure that we are investing in value-creating projects


They may negotiate from a position of strengths that they do not want to put any money in, and we should go find the money, but they realize

they may negotiate from a position of strength that they do not want to put any money in it we should go find the money but they realize


And Ethiopia, following a successful trial, we launched Guinness nationally in November to a strong response from consumers.

and ethiopia following a successful trial we launched guinness nationally in november to a strong response from consumers


range for both quarters, and so that's why we felt that it was tracking largely with what we saw in the second quarter.

range for both quarters and so that's why we felt that it was tracking largely with what we saw in the second quarter


how can we think about this strategy going forward? How much -- is there a number that you would be willing to lose up to a certain threshold in terms of mortgage market share? Or are you happy with the

how can we think about the strategy going forward how much -- is there a number that you would be willing to lose up to a certain threshold in terms of mortgage market share are you happy with the


So we don't see that changing going forward in North Dakota in terms of our competitiveness. I think in terms of

so we don't see that changing going forward in north dakota in terms of our competitiveness i think in terms of


a good fit with our strategy and our capabilities, an area where we see a good lead commercial products to bring us into that

a good fit with our strategy and our capabilities an area where we see a good lead commercial product to bring us into that


Finally, our field reimbursement team continues to positively impact the trends and approval rates for prior authorizations and targeted accounts across the country.

finally our field reimbursement team continues to positively impact the trends in approval rates for prior authorizations in targeted accounts across the country


Just to see where we are when it comes to how we did regarding our financial objectives and the dividend policy.

just to see where we are when it comes to how we did regarding our financial objectives and the dividend policy


I was wondering can you tell us how much of that growth was driven by the incremental revenue from the Saffron acquisition?

i was wondering can you tell us how much of that growth was driven by the incremental revenue from the saffron acquisition


The increase in revenue for both periods is primarily the result of higher direct sales to our customers in the regen med space and to our indirect distribution channel.

the increase in revenue for both periods was primarily the result of higher direct sales to our customers in the regen med space and to our indirect distribution channel


Now going back to the point around the pace of our investment program, that pace is going to be driven by value optimization.

now going back to the point around the pace of our investment program that pace is going to be driven by value optimization